Welcome to our Mortgage Calculator - Your pathway to homeownership. Take the stress out of mortgage planning and get instant insights into your potential monthly payments. Whether you're a first-time buyer or refinancing, our Mortgage Calculator helps you make informed choices for a secure future.
Total payments
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Monthly payments
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Total interest
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Extra payments
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Enter Your Loan Amount
Input the total amount you plan to borrow after your down payment.
Set the Interest Rate
Enter the annual interest rate offered by your lender.
Choose the Loan Term
Select the length of your mortgage, typically 15 or 30 years.
Add Taxes and Insurance
Include annual property taxes and homeowners insurance for a complete payment estimate.
Review Your Results
View your monthly payment breakdown including principal, interest, taxes, and insurance.
A first-time homebuyer purchasing a $350,000 home with 20% down.
Loan Amount
$280,000
Interest Rate
6.5%
Loan Term
30 years
Property Taxes
$4,200/year
Homeowners Insurance
$1,800/year
Result
Monthly payment of $1,770 for principal and interest, plus $500 for taxes and insurance, totaling $2,270 per month. Total interest paid over 30 years: $357,305.
Compare Multiple Rates
Even a 0.25% rate difference can save over $15,000 in interest over 30 years. Shop around with at least 3-5 lenders.
Consider a Shorter Term
A 15-year mortgage has higher payments but dramatically lower total interest — often saving over $150,000 compared to a 30-year loan.
Factor in All Costs
Your monthly housing cost includes more than the loan payment. Budget for taxes, insurance, HOA fees, maintenance, and potential PMI.
Get Pre-Approved First
A pre-approval letter shows sellers you are serious and gives you a clear budget to work with when house hunting.
Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula accounts for principal and interest, giving you a fixed monthly payment over the life of the loan. Property taxes, insurance, and PMI may also be included.
A fixed-rate mortgage keeps the same interest rate for the entire loan term, giving you predictable payments. An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, which can result in lower initial payments but potential increases later.
A common guideline is that your monthly housing costs should not exceed 28% of your gross monthly income. Use this calculator to input different loan amounts and see what monthly payment fits your budget. Consider property taxes, insurance, and maintenance costs too.
Making extra payments can significantly reduce your total interest paid and shorten your loan term. Even small additional payments each month can save thousands over the life of the loan. Check with your lender about prepayment penalties first.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. You can request PMI removal once your loan-to-value ratio reaches 80%, and it is automatically canceled at 78%. PMI typically costs 0.5% to 1% of the loan amount annually.